Crude oil accountability possible as early as 2019 – Ibe Kachikwu

The lost of revenue due to the government’s inability to determine the exact number of crude oil export or even mined could soon be over in Nigeria. This is according to the Minister of State for Petroleum Resources, Ibe Kachikwu. The minister disclose the plan in a recent podcast in Abuja.

How will it be done?

A new information Technology platform is being but in place by the Department of Petroleum Resources -DPR and the Nigerian National Petroleum Corporation –NNPC. The minister asserts that this new system will keep track of every drop of both the crude and refined petroleum products. Although, he ads that it is subject to approval of the president.

Kachikwu believes that the country can product more than 2.2 million barrels of crude oil per day depending on the state of our infrastructure and OPEC quota.

Any Rewards from this?

These changes would enable better projection of what Nigeria stands to gain financially. The minister continued that more investment has been obtained from multinationals to fund projects such as the Bonga and Zabazaba extension with over 15 billion dollars. Particularly after the government exit of their previous joint venture cash call.

These new fiscal policies are projected to bring in over $2 billion a year in the short term to the Federal Government and on a long term over $9 billion. All the programmes are pending the approval of the Federal Executive Council- FEC according to the minister.